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On the way to becoming normal, the US Treasury yield-curve on 1/21/26 has only a minor belly-dip around 1-yr and looks quite steep beyond 3 yrs. https://www.ustreasuryyieldcurve.com/
I’m dumbfounded as to why the various yield curves were inverted for so long with no subsequent recession. The only explanation I can think of is that Covid was such a unique situation that the yield curves couldn’t be interpreted as in previous inversions. I dunno …
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